12.02.2020

Slower quarter for Haulotte

Haulotte has published its fourth quarter and full year results and while the year is positive, the final quarter was slower.

Total sales for 2019 were nine percent higher at €610.8 million, made up from €534.2 million of new equipment sales, €21.6 million of rental - a 29 percent increase on last year - and €55 million of services, up eight percent on 2018.

European sales improved five percent, with the company believing that it outperformed the market and managed to increase its market share. Sales in Asia/Pacific were 15 percent higher, thanks largely to increased activity in China and Australia.

In North American sales improved 16 percent, while South America declined across the board, with the only exception being Brazil, where the company saw a sharp rebound.

While the year as a whole was positive, the fourth quarter saw shipments fall nine percent to €132.9 million. The company does not reveal any detail at this stage, we will have to wait until March to see the full report.

Haulotte has confirmed that it will not now meet its 10 percent growth target for operating income growth target but should end up close to its 2018 levels. At the same time it is forecasting a 10 percent reduction in revenues for 2020.

Vertikal Comment

Haulotte will be pleased with this result, although it is following fellow French aerial lift company Manitou in forecasting a slowdown for 2020, and is most likely as a result cutting back planned production volumes.

And yet the company still has plenty of upside to go after, its products have been updated and have improved dramatically over the past three years or so, its new models are premium products in terms of performance, features and quality, and yet the perceptions of many buyers relates back to the company’s earlier machines. It also remains a minor player in a fair few markets – some of them substantial. The combination of these factors indicates growth potential even in a static market.

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